Mar 12, 2024 - Business

Dry promotions 🧐

Illustration of confetti and party balloons that spell out "MEH."

Illustration: Aïda Amer/Axios

"Dry promotions" are worthy of a raised eyebrow, Nathan writes.

The big picture: This is apparently the phrase to describe a promotion that doesn't come with a pay increase, according to the Wall Street Journal.

  • Dry promotions "present a career dilemma," WSJ reports. "And some data suggest they're becoming more common as companies manage their talent with tighter budgets."

💭 Nathan's thought bubble: It's a risky endeavor for employers who don't want to lose people to the competition to give them a better title — which will make them more appealing to other companies — without the money to show for it.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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